Of Greece and Puerto Rico on bankruptcy.

[1bad65]

When Clinton left there surplus.Then they disappear after you know who got in power.

False. There was no Clinton surplus. Total debt increased every Clinton year. Had there been a true surplus, total debt would have fallen. That's basic Math.

[ShoulderRoll]

We need to look into debt forgiveness and possibly also into a complete economic reset. No one is benefiting from the current state of affairs except for the big banks.

[1bad65]

We need to look into debt forgiveness and possibly also into a complete economic reset.

Debt forgiveness won't work because you aren't forcing those who made the bad decisions to live with the consequences. So why would they change and spend less than they bring in?

Or we could do as you say and then when no one else will loan them more money and they are still in the red, what happens then?

No one is benefiting from the current state of affairs except for the big banks.

The career politicians are benefiting too. For example, the Clintons are worth $105 million.

[BostonGuy]

I'd rather see Greece default on its debt now than to procrastinate a few more years, the inevitable. For Greece to negotiate its debt and ask for more bailouts is just bad economics and fiscal policy. What are their creditors gonna do? Just keep pumping in good money after bad? Greece is insolvent.

Also, a Greece default will not affect the U.S. in any meaningful way and the European union countries are probably better off without Greeks continually borrowing money that they cannot possibly ever pay back. The threat of "contagion" is not as imminent as it was 3-5 years ago. European banks are not holding as much Greek debt as they did when the crisis began years ago and they've had time to prepare for this inevitable default.

[bigjavi973]

Here's some informative videos on american economy & the central bank (Federal Reserve Bank of NY).

[RAV3N]

We need to look into debt forgiveness and possibly also into a complete economic reset. No one is benefiting from the current state of affairs except for the big banks.

My bank should also look into debt forgiveness for me so I dont have to pay my mortgage any more.

[Hitman Hodgson]

I feel for the Greek people in this. They're being made to pay for the financial irresponsibility of it's previous governments, the EU, and the ECB.
If there was robust process of due diligence in place to begin with Greece would have never been allowed into the Euro. To me, if a lender is stupid enough to lend money that they know won't be paid back, then the fault is with them.
Giving countries with different fiscal policies 1 monetary policy was always never going to work, and Greece is just the start of the 5hit storm that could be upon us.

Globally, the next 12 months will be huge for the world's economy. If you look at the debt bubble that's currently inflated around the world, it's clear that the debt won't be paid, and there will either have to be a collapse (default), or the debt will have to be written off. Unfortunately, because of the way governments are structured, the politicians are happy to keep the bubble inflated just long enough so a collapse doesn't happen 'on their watch'.

All the talk about government debt, and budget surpluses is moot in comparison to PRIVATE, personal debt, and the trade deficits in the US and UK. All the bailout money should have gone to the people of Greece to pay off their private date instead of going straight, that would have given some of the money to the banks as the public paid down their debt, and also given them more disposable income to spend within the economy. But instead the Ponzi scheme that is the global financial sector (that was created through deregulation of the financial sector - the abolishment of the glass-steagal act) will be allowed to continue.

[Amazinger]

False. There was no Clinton surplus. Total debt increased every Clinton year. Had there been a true surplus, total debt would have fallen. That's basic Math.

You're kidding!

[Amazinger]

I feel for the Greek people in this. They're being made to pay for the financial irresponsibility of it's previous governments, the EU, and the ECB.
If there was robust process of due diligence in place to begin with Greece would have never been allowed into the Euro. To me, if a lender is stupid enough to lend money that they know won't be paid back, then the fault is with them.
Giving countries with different fiscal policies 1 monetary policy was always never going to work, and Greece is just the start of the 5hit storm that could be upon us.

Globally, the next 12 months will be huge for the world's economy. If you look at the debt bubble that's currently inflated around the world, it's clear that the debt won't be paid, and there will either have to be a collapse (default), or the debt will have to be written off. Unfortunately, because of the way governments are structured, the politicians are happy to keep the bubble inflated just long enough so a collapse doesn't happen 'on their watch'.

All the talk about government debt, and budget surpluses is moot in comparison to PRIVATE, personal debt, and the trade deficits in the US and UK. All the bailout money should have gone to the people of Greece to pay off their private date instead of going straight, that would have given some of the money to the banks as the public paid down their debt, and also given them more disposable income to spend within the economy. But instead the Ponzi scheme that is the global financial sector (that was created through deregulation of the financial sector - the abolishment of the glass-steagal act) will be allowed to continue.

I just don't understand why Tsipras would not agree with the creditors. Perhaps because initially he was offended or because he don't want to look bad because of his political promise. I mean pay 1.6 billion before the end of june and receive 67 billion dollars in ( not sure about the actual amount).
Once they got their finances straightened up those other demand can be changed once their economy got better.

[Mr Ehrmantraut]

Greece be skint.